By JOE HIGGINS / SAN FRANCISCO (Reuters) – In the face of a rising number of blockchain-based startups being acquired and shuttered, one startup is using blockchain technology to provide financial oversight.
It’s called Sibos.
It’s a global financial platform that connects small businesses and their customers with their creditors.
It has raised $25 million in a seed round led by Accel Partners and led by investment firm Sequoia Capital.
It is using a new type of blockchain that lets lenders, investors and regulators all track payments, payments-related documents and other transactions in real time.
The platform has been in use for about a year in South Africa, the U.S., the United Kingdom and the Netherlands.
The startup was founded by former U.K. finance minister Andrew Tyrie, who is now head of the Royal Bank of Scotland (RBS), one of the world’s biggest banks.
Tyrie was recently named chairman of the Sibo board of directors.
He said the company has the technology to be able to deliver the kind of oversight that’s needed for the payments industry.
“We’ve been developing a blockchain-enabled system for more than a year,” Tyrie said.
“The platform is built on the concept of smart contracts, which are smart contracts that can be updated and enforced in real-time.”
A blockchain is a digital record that anyone can create.
It is stored on a computer or server, and is not linked to a specific computer or device.
The technology enables the creation of digital assets like a virtual coin, or bitcoin, that are not backed by a specific issuer, but can be transferred by any computer, including the one the user has set up to run the system.
The digital assets are issued to consumers and companies, and are secured by a set of public keys, or digital certificates, that can then be digitally signed by the issuing bank, issuer and any third parties that have access to the data.
The blockchain technology is used to create smart contracts to make the transactions and to verify that the assets are in fact owned by the issuer.
It can be used to verify the identity of third parties as well.
The new technology, called smart contracts on the blockchain, could allow a bank to monitor the assets of its customers, such as payment cards, to see if they are being used for the intended purposes.
Tyrell said the platform has already been used to track some of the largest payments systems in the world, including Mastercard and Visa.
The payments industry has seen an explosion in the use of blockchain technology.
In the past two years, a total of 2,200 payment systems have been launched, according to data from CoinMarketCap.
It said that was up nearly 100 percent from 2016.
Tyries company, Sibes.com, which is part of a new blockchain-powered platform called Rubeus, said its service was designed to help small businesses track the payment status of their customers.
The company’s technology enables a system to send an email to a customer and ask for a copy of their payment history, with the request being validated on a blockchain.
The company also tracks the amount of time a payment has taken, the type of account it has, and how much time it has been processed, the emails show.
“Sibos’ technology has been tested by customers and has shown significant adoption in many countries including South Africa,” Sibers founders said in a blog post.
“It’s important that small businesses can use the technology, especially in developing countries, so we can make sure they have access, and we can work together with our customers to improve their business.”
Tyries, the CEO of Sibens.com who is from England, said he plans to use his experience in the financial industry to help other startups and banks adopt the technology.
The Siboes.com platform was designed specifically for small businesses, he said.
It does not include an API or a web interface to the blockchain system.
It can also handle a wide range of payments and payments-type data, including credit card payments, which can be sent to a bank, or a merchant account, which will be verified and recorded by the bank.
It also offers the ability to issue debit cards, which were previously not possible on the Sibu platform.
“Our goal with Sibot is to make sure small businesses don’t need to wait until their payments are verified by a bank or payment processor,” Tyries said.
The project is based on Sibom, a blockchain platform that has been developed by British financial services company SIBs and launched in 2014.
It was not designed for use in a traditional bank environment, but the founders said that could change if blockchain technology became a major trend in the industry.
Tyreis said the project was in its early stages, but that he hoped to eventually launch a product called SIBots, which would be an open-source platform for creating smart contracts for banks,